Magma HDI Health Insurance

Magma HDI Health Insurance

  • Regular Payout on Maturity
  • Incentive for High Premium
  • Buy Online or Offline
Magma HDI Health Insurance is a joint venture between HDI Global SE Germany (a subsidiary of Talanx Group) and Magma Fincorp Limited (one of India’s largest NBFCs). Magma HDI Insurance Company offers various health insurance products to cater to every customer's needs. The Magma HDI Insurance Company offers various insurance products across categories, such as health insurance, motor insurance, marine insurance, fire insurance, engineering insurance, liability insurance, etc. Magma HDI Insurance has more than 135+ offices in different cities across India.

Magma HDI Health Insurance Awards and Recognition

Magma HDI Health Insurance has won several awards and accolades for its performance in the Indian insurance industry. Here is a list of some of the notable awards and accolades received by Magma HDI Health Insurance:

  • Magma HDI Health Insurance won the Maximum Claims Settled General Insurance Company of the Year India Insurance Summit Award 2024.
  • Magma HDI Health Insurance won Best Use of Technology in Customer Service (General Insurance) BFSI Leadership 2024.
  • Magma HDI Insurance won the Customer Centric Award of the Year BFSI and Fintech Conclave Award 2023.
  • Magma HDI won Best Access Control Initiative Annual Cyber Security Excellence Awards 2023.
  • Magma HDI won the Insurance Initiative of the Year Award in the India Insurance Asia Awards 2023.

Magma HDI Health Insurance Company Specification

Below are the key specifications of the Magma HDI Health Insurance Company:

Particulars Specifications
Network Hospitals 7,200+
Incurred Claim Ratio (2022-23) 72.10
Claim Settlement Ratio (less than 3 hrs) (2022-23) 94.72
Solvency Ratio (2022-23) 2.19
Market Share (2022-23) 251.99 Crore

*Data has been sourced from the annual report of IRDAI 2022-23

Key Features of Magma HDI Health Insurance Company

Magma HDI Health Insurance offers a variety of features that cater to the needs of individual and family health insurance seekers in India. Here's a breakdown of some key features:

01

Comprehensive Health Plans

Magma HDI Health Insurance provides comprehensive health insurance plans to cater to the needs of every individual, including individual health plans, family health plans, senior citizen health plans, etc.

02

Cashless Claim Settlement

Magma HDI Health Insurance has more than 7,200 network hospitals across India, allowing policyholders to avail themselves of cashless treatment facilities. This hassle-free process eliminates the need for policyholders to pay medical expenses upfront and then file for reimbursement.

03

Claim Settlement Ratio

The claim settlement ratio is used to check the performance of the health insurance company. It shows the company's claim-settling capability. As per the annual report of the Insurance Regulatory Development of India (IRDAI) 2022-23, Magma HDI Health Insurance had a claim settlement ratio of 94.92 in the financial year 2022-23.

04

Transparent Claim Settlement

Magma HDI Health Insurance follows a transparent and efficient claim settlement process to provide policyholders with timely and hassle-free claim settlements. The company strives to maintain clear communication and transparency throughout the claim settlement journey.

05

Solvency Ratio

The solvency ratio shows the company's ability to meet its financial obligations. As per the Insurance Regulatory Development Authority of India (IRDAI), every health insurance company must maintain a minimum solvency ratio of 1.5. Magma HDI Health Insurance had a solvency ratio 2.19 in the financial year 2022-23.

06

Customer Support

Magma HDI is committed to delivering excellent customer service. Their dedicated customer support team is available to address queries, provide assistance, and guide policyholders through the insurance process.

Health Insurance Plans Offered by Magma HDI Insurance Company

Magma HDI Insurance Company offers a variety of health insurance plans to cater to the diverse needs of every individual. Here are some of the health insurance plans provided by Magma HDI Insurance Company:

Individual and Family Health Insurance

Why Consider Magma HDI Insurance Company?

Magma HDI Health Insurance is not just another insurance company. They are redefining health insurance in India with a focus on innovation, comprehensive coverage and commitment to seamless customer experience. Here's why Magma HDI might be a perfect fit for you:

01

Pan-India Presence

With more than 150 offices across different cities in India, Magma HDI Insurance Company ensures accessibility and convenience for policyholders. This widespread presence allows you to connect with them easily, whether you're in a metropolitan city or a smaller town.

02

Technological Advancements

Magma HDI Insurance Company leverages technology to enhance the overall customer experience. Online portals, mobile apps, and digital services offer a seamless and user-friendly interface for policyholders to manage their policies, make claims, and access information effortlessly.

03

Financial Strength and Stability

Magma HDI Insurance Company showcases a strong financial foundation as part of Magma Fincorp Limited and the Talanx Group. This stability ensures it has the resources and capabilities to fulfil its commitments and provide the necessary support to policyholders when needed.

04

Awards and Recognitions

Magma HDI Insurance Company has received several accolades and industry recognition for their excellence in insurance services. These awards testify to their commitment to quality, customer satisfaction, and industry leadership.

05

Comprehensive Coverage

Magma HDI Insurance Company offers a wide range of health insurance products, including individual health insurance, family health insurance, group health insurance, and more. This comprehensive suite of offerings ensures you can find the right plan for various life needs in one place.

Magma HDI Health Insurance Exclusions

Below are the standard conditions not covered under Magma HDI Health Insurance plans, but they may vary from plan to plan.

  • Alcohol or drug abuse
  • Sexually transmitted diseases (STDs) like HIV
  • Plastic Surgery
  • Suicide or attempted suicide
  • Cosmetic Surgery
  • Intentional/self-inflicted injury
  • Insanity or venereal disease
  • Breach of law with criminal intent
  • Medical expenses incurred due to war or similar conditions
  • Weight reduction treatment
  • Injuries happened due to participation in adventurous sports

Magma HDI Health Insurance Buying Process

Policyholders can buy Magma HDI Health Insurance plans from the official website of Magma HDI Insurance Company Limited and "RenewBuy.com". Below are both the buying processes for Magma HDI Health Insurance plans:

Buy from "RenewBuy.com"

  • Visit the official website of "RenewBuy".
  • Click on the "Health Insurance Plan" tab.
  • Select the desired plan.
  • Fill in all the required details.
  • Click on the "Buy Now" button.
  • Make payment.
  • We will send the policy documents to your registered email ID.

Buy from the official website of Magma HDI Insurance Company

  • Visit the official website of the “Magma HDI Insurance Company”.
  • Click on the "Products" button from the header menu.
  • Then, go to the “Health Insurance” section from the drop-down.
  • Select your desired health policy and click on it.
  • A new page will open where you must click the “BUY ONLINE” button.
  • Then, enter your details such as Name, age and other information.
  • Then, click on the “Buy Now” button.
  • After you make an online payment, the Magma HDI Insurance Company will send the policy documents to your registered email address.

Why Buy Magma HDI Health Plans From RenewBuy?

RenewBuy brings you the best deals on Magma HDI Health Insurance plans across the market. The key reasons for you to consider us are as follows:

  • IRDAI Certified
  • Get Insured by a leading Insurer
  • Discounted Premiums
  • Compare Various Health Plans in Just a few Clicks
  • Simple & Easy Buying Process
  • 24x7 Claim Assistance.

How to Renew Your Magma HDI Health Insurance Policy?

You can renew your Magma HDI Health Insurance plans in two ways, i.e, online and offline. Below are both the renewal processes for Magma HDI Health Insurance plans:

Online Renewal Process

  1. Visit the official website of “Magma HDI Insurance Company”.

  2. Click on the “Renew” button from the homepage.

  3. The next page will show you two options: Motor Renewal or Health Renewal.

  4. Click on the “Health Renewal” button.

  5. A new tab will open where you must enter your policy number and date of birth.

  6. Then, click on the next button.

  7. Proceed to the payment section and choose your preferred payment method.

  8. After successful payment, you will receive a confirmation of your policy renewal via email and SMS

You can also visit the Magma HDI Insurance Company branch near you in person. A representative can assist you with the renewal process, collect your premium payment, and provide you with the renewed policy documents.

Magma HDI Health Insurance Claim Process

Magma HDI Health Insurance offers two types of claim processes: cashless claim process and reimbursement claim process. These processes are simple and quick. Here are the steps involved in the “Magma HDI Health Insurance Company” claim process:

Cashless Claim Process

  • Choose a hospital from the Magma HDI insurance company's network hospital list.
  • Inform the third-party administrator (TPA) and provide them with your membership number.
  • Fill and submit a cashless request form at the hospital, including a valid certification from a doctor with appropriate stamps and signatures.
  • Submit the form and your medical records to the TPA, either physically or digitally.
  • The TPA will review the submitted documents, and if the claim is approved, the insurance company will directly settle the charges with the hospital.

Reimbursement Claim Process

  • Connect with Magma HDi Health Insurance using the toll-free number and provide them with your membership number.
  • Settle all your medical expenses directly with the hospital.
  • Download and fill out the reimbursement form of the Magma HDI Health Insurance company.
  • Submit the reimbursement form and attach it with invoices, medical bills, reports, discharge summaries, and other relevant documents.
  • Submit all the required documents to the claim office in your area. Alternatively, you can also send the documents digitally via email to the insurance company.
  • Once your claim is approved, the insurance company will send a cheque to your registered bank account. The entire process typically takes around 20-30 working days from the day you submit all the necessary paperwork.

Documents Required for Filing Magma HDI Health Insurance Claim

Below are the documents that you need to submit while filing a Magma HDI Health Insurance reimbursement claim:

  • Medical practitioner's referral letter
  • Valid identity proof
  • Duly filled and signed claim form
  • Medical practitioner's prescription
  • Original bills, receipts, and discharge cards
  • Original pathological/diagnostic tests reports/radiology reports
  • Payment receipts
  • Indoor case papers
  • Original bills from pharmacy/chemists
  • Post-mortem report (If Required)
  • First Information Report (If Required)
  • Final Police Report (If Required)
  • Any other document as required by the company to assess the claim

Magma HDI Insurance Company Contact Details

Here are the contact details for Magma HDI Insurance Company:

Registered Address: Development House, 24 Park Street, Kolkata-700016.

Toll-Free Number: 1800 266 3202

Email-ID: customercare@magma-hdi.co.in